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7 Tips For First Time Home Buyers
1. Check the selling prices of comparable homes in your area. Web sites such asZillow and Homegain can give you a general idea of what you should expect to pay. You can also do a quick search of actual MLS listings in your area on a number of Web sites, including the site of the National Association of Realtors.
2. See what you can afford. Use Bankrate’s mortgage calculator to see what your payment would be. To get a sense of the maximum you should spend, use MSN Real Estate’s home affordability calculator (below).
3. Find out what your total monthly housing cost would be, including taxes and homeowners insurance. To get a feel for the maximum amount you should spend, including taxes and insurance, use MSN Real Estate's home affordability calculator. In some areas, what you'll pay for your taxes and insurance escrow can almost double your mortgage payment. According to the Insurance Information Institute, the average yearly premium can range from $477 in Utah to $1,372 for unlucky Texans.To get an idea of what you'll pay in insurance, pick a property in the area where you want to live and make a call to a local insurance agent for an estimate. You won't be obligated to get the insurance, but you'll have a good idea of what you'll pay if you buy. For an idea of what you'll pay in taxes, Zillow publishes property-tax information for homes all over the country.
5. Look at your budget and determine how a house fits into it. Fannie Mae recommends that buyers spend no more than 28% of their income on housing costs. Go much past 30% and you risk becoming house poor.
6. Talk to reputable real-estate agents in your area about the real-estate climate. Do they believe prices will continue falling or do they think your area has hit bottom or will rise soon?
Now, after reviewing those tips, the question is, Are you Ready for Your First Home?
Welcome Johnie started his real estate career in 2007 during the economic downturn, and has been able to create a dynamic and growing client base. Even in these tough economic times Johnie has been....
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